Civic Intelligence

Arkansas Economic Development Foundation

990 • Fiscal year 2022 • EIN 74-2390527

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 08, 2023

PO Box 1784Little Rock, AR 72203

(501) 664-5434

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

46th percentile

0.04x

Higher debt load relative to assets than 46% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

54th percentile

0.08x

Higher debt load relative to revenue than 54% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2022

Net Margin

82nd percentile

21%

Higher net margin than 82% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

47th percentile

$0

Higher top officer pay than 47% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2022

Asset Growth

67th percentile

10.0%

Faster asset growth than 67% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

99th percentile

604%

Faster revenue growth than 99% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Assets

Up

$827,243

Up $75,192 (+10.0%) from 2021

Net Assets

Up

$796,621

Up $84,175 (+12%) from 2021

Liabilities

Down

$30,622

Down $8,983 (-23%) from 2021

Revenue

Up

$403,205

Up $345,903 (+604%) from 2021

Expenses

Up

$319,030

Up $48,678 (+18%) from 2021

Net Income

Up

$84,175

Up $297,225 (+140%) from 2021

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0M$500K$0Assets 2011: $313,331Liabilities 2011: $82,911Net Assets 2011: $230,4202011Assets 2012: $178,981Liabilities 2012: $69,960Net Assets 2012: $109,0212012Assets 2013: $199,871Liabilities 2013: $18,541Net Assets 2013: $181,3302013Assets 2014: $279,850Liabilities 2014: $14,102Net Assets 2014: $265,7482014Assets 2015: $502,300Liabilities 2015: $37,378Net Assets 2015: $464,9222015Assets 2016: $305,528Liabilities 2016: $31,109Net Assets 2016: $274,4192016Assets 2017: $541,801Liabilities 2017: $24,925Net Assets 2017: $516,8762017Assets 2018: $578,810Liabilities 2018: $18,405Net Assets 2018: $560,4052018Assets 2019: $730,761Liabilities 2019: $11,421Net Assets 2019: $719,3402019Assets 2020: $973,405Liabilities 2020: $47,909Net Assets 2020: $925,4962020Assets 2021: $752,051Liabilities 2021: $39,605Net Assets 2021: $712,4462021Assets 2022: $827,243Liabilities 2022: $30,622Net Assets 2022: $796,6212022Assets 2023: $960,795Liabilities 2023: $20,904Net Assets 2023: $939,8912023Assets 2024: $749,825Liabilities 2024: $10,391Net Assets 2024: $739,4342024

Highlighted filing

2022

Assets$827,243
Liabilities$30,622
Net Assets$796,621

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600K$400K$200K$0-$200K-$400KExpenses 2011: $114,7172011Expenses 2012: $225,6802012Revenue 2013: $238,731Expenses 2013: $166,422Net Income 2013: $72,3092013Revenue 2014: $310,608Expenses 2014: $226,190Net Income 2014: $84,4182014Revenue 2015: $553,493Expenses 2015: $354,319Net Income 2015: $199,1742015Revenue 2016: $61,854Expenses 2016: $252,357Net Income 2016: -$190,5032016Revenue 2017: $452,044Expenses 2017: $209,587Net Income 2017: $242,4572017Revenue 2018: $193,386Expenses 2018: $149,857Net Income 2018: $43,5292018Revenue 2019: $473,755Expenses 2019: $317,210Net Income 2019: $156,5452019Revenue 2020: $368,519Expenses 2020: $162,363Net Income 2020: $206,1562020Revenue 2021: $57,302Expenses 2021: $270,352Net Income 2021: -$213,0502021Revenue 2022: $403,205Expenses 2022: $319,030Net Income 2022: $84,1752022Revenue 2023: $401,488Expenses 2023: $258,218Net Income 2023: $143,2702023Revenue 2024: $153,118Expenses 2024: $353,431Net Income 2024: -$200,3132024

Highlighted filing

2022

Revenue$403,205
Expenses$319,030
Net Income$84,175
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 8, 2023
Return Version
2022v5.0
Gross Receipts
$456,829
Mission and Program Overview

Mission

Supplement appropriations by the state legislature for development of the state's resources and attracting new businesses to the state of arkansas.

Supplement appropriations by the state legislature for development of the state's resources and attracting new businesses to the state of arkansas

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$643,417$683,550▲ $40,133
Cash and Non-Interest-Bearing Accounts$70,454$114,841▲ $44,387
Land, Buildings, and Equipment, Net$35,759$26,431▼ $9,328
Prepaid Expenses and Deferred Charges$2,421$2,421→ $0
Total Assets$752,051$827,243▲ $75,192
Liabilities
Mortgage Notes Payable Secured by Investment Property$39,605$30,622▼ $8,983
Total Liabilities$39,605$30,622▼ $8,983
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$712,446$796,621▲ $84,175
Total Net Assets Fund Balance$712,446$796,621▲ $84,175
Total Liabilities and Net Assets / Fund Balance$752,051$827,243▲ $75,192

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$26,431$20,208$46,639
Compensation and Service Providers

Board Members and Trustees

NameTitle
Gus VratsinasPresident
Frank ThomasVice-president
Archie Schaffer IiiBoard Member
Lang ZimmermanBoard Member
Michael LindseyBoard Member
Mike AkinBoard Member
Niel CrowsonBoard Member
William RockefellerBoard Member
Mark YoungSecretary
Mike CarrollTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$456,058
Program Service Revenue
$0
Investment Income
$771
Other Revenue
$-53,624
All Other Contributions
$43,458
Change in Net Assets
$84,175

Audited Revenue Reconciliation

Revenue per Audited Statements
$403,205
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$53,624
Total Revenue per Audited Statements
$456,829
Total Revenue per Form 990
$403,205
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$273,030
Grants and Similar Amounts Paid$46,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Travel$96,014$731-$96,745
Advertising$58,900--$58,900
Payment Travel Entrtnmnt Publicly Ofcl$57,568$675-$58,243
Grants to Domestic Orgs$46,000--$46,000
Fees for Services Accounting-$14,180-$14,180
Depreciation Depletion$9,328--$9,328
All Other Expenses$3,464--$3,464
Interest$2,805--$2,805
Other Expenses$1,818--$1,818
Office Expenses-$475-$475
Insurance-$194-$194
Total Functional Expenses$302,775$16,255$0$319,030

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$372,654
Expenses per Audited Statements$319,030
Total Expenses per Form 990$319,030
Expenses Not Reported on Form 990$53,624
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Arkansas Industrial and Economic Development FoundationLittle Rock, AR501c3General Support$44,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$53,624
Fundraising Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Luncheon$412,600-$1,020-
Total Events$412,600-$53,624$-53,624
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
Yes
Subject to proxy tax
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The organization provides a copy of the form 990 to its governing body via email prior to filing the form

Form 990, Part VI, Section C, Line 19

UPON REQUEST

Filing and Contact Details

Filer

Filer Name
Arkansas Economic Development
EIN
74-2390527
Phone
5016645434
Address
PO BOX 1784, LITTLE ROCK, AR 72203

Signing Officer

Name
Gus Vratsinas
Title
President
Phone
5016645434
Signed
2023-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gus Vratsinas
Formed
1955
Legal Domicile
Ar
Voting Board Members
10
Independent Board Members
10
Employees
0
Volunteers
10

Preparer

Firm
Hcj Cpas & Advisors Pllc
Address
11025 ANDERSON DRIVE SUITE 300, LITTLE ROCK, AR 72212-2472
Preparer
Rami Kassissieh
Phone
5012211000
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The foundation will recognize accrued interest and penalties, if any, associated with uncertain positions as part of management and general expenses.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expenses reported on stmt of revenue 53,624.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expenses reported on stmt of revenue 53,624.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0319030
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherExpensesIncludedAmt053624
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt026431
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt020208
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt046639
IRS990ScheduleD/OtherRevenueAmt053624
IRS990ScheduleD/RevenueNotReportedAmt053624
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0403205
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION WILL RECOGNIZE ACCRUED INTEREST AND PENALTIES, IF ANY, ASSOCIATED WITH UNCERTAIN POSITIONS AS PART OF MANAGEMENT AND GENERAL EXPENSES.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1FUNDRAISING EXPENSES REPORTED ON STMT OF REVENUE 53,624.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2FUNDRAISING EXPENSES REPORTED ON STMT OF REVENUE 53,624.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt026431
IRS990ScheduleD/TotalExpensesPerForm990Amt0319030
IRS990ScheduleD/TotalRevenuePerForm990Amt0403205
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0456829
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0372654
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt0412600
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt0412600
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt053624
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0LUNCHEON
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageEvent1Amt029471
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageTotalEventsAmt029471
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt0412600
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt0412600
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt0-53624
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt01020
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt01020
IRS990ScheduleG/FundraisingEventInformationGrp/RentFacilityCostsEvent1Amt023133
IRS990ScheduleG/FundraisingEventInformationGrp/RentFcltyCostsTotalEventsAmt023133
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt044000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501C3
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0GENERAL SUPPORT
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0ARKANSAS INDUSTRIAL AND ECONOMIC DEVELOPMENT FOUNDATION
IRS990ScheduleI/RecipientTable/RecipientEIN0272775803
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0PO BOX 1784
IRS990ScheduleI/RecipientTable/USAddress/CityNm0LITTLE ROCK
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0AR
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd072203
IRS990ScheduleI/Total501c3OrgCnt01
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION PROVIDES A COPY OF THE FORM 990 TO ITS GOVERNING BODY VIA EMAIL PRIOR TO FILING THE FORM
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0ARKANSAS INDUSTRIAL AND ECONOMIC DEVELOPMENT FOUNDATION INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0272775803
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0AR
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0CHARITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 7
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0PO BOX 1784
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0LITTLE ROCK
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0AR
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd072203
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt044000
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0AR INDUSTRIAL & ECONOMIC DEV FDN
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0B
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0AR
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd01
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0752051
IRS990/TotalAssetsEOYAmt0827243
IRS990/TotalAssetsGrp/BOYAmt0752051
IRS990/TotalAssetsGrp/EOYAmt0827243
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0456058
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt016255
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0302775
IRS990/TotalFunctionalExpensesGrp/TotalAmt0319030
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt039605
IRS990/TotalLiabilitiesEOYAmt030622
IRS990/TotalLiabilitiesGrp/BOYAmt039605
IRS990/TotalLiabilitiesGrp/EOYAmt030622
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0712446
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0796621
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0302775
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0-52853
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0403205
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0752051
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0827243
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt0731
IRS990/TravelGrp/ProgramServicesAmt096014
IRS990/TravelGrp/TotalAmt096745
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02200 N RODNEY PARHAM RD STE 206
IRS990/USAddress/CityNm0LITTLE ROCK
IRS990/USAddress/StateAbbreviationCd0AR
IRS990/USAddress/ZIPCd072212
IRS990/VotingMembersGoverningBodyCnt010

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.50$0.10$7.39$1.53$3.53$2.00
2023Detailed filing. Detailed filing data is available for this year.$9.61$0.21$9.40$4.01$2.58$1.43
2022Detailed filing. Detailed filing data is available for this year.$8.27$0.31$7.97$4.03$3.19$0.84
2021Detailed filing. Detailed filing data is available for this year.$7.52$0.40$7.12$0.57$2.70$2.13
2020Detailed filing. Detailed filing data is available for this year.$9.73$0.48$9.25$3.69$1.62$2.06
2019Detailed filing. Detailed filing data is available for this year.$7.31$0.11$7.19$4.74$3.17$1.57
2018Detailed filing. Detailed filing data is available for this year.$5.79$0.18$5.60$1.93$1.50$0.44
2017Detailed filing. Detailed filing data is available for this year.$5.42$0.25$5.17$4.52$2.10$2.42
2016Detailed filing. Detailed filing data is available for this year.$3.06$0.31$2.74$0.62$2.52$1.91
2015Detailed filing. Detailed filing data is available for this year.$5.02$0.37$4.65$5.53$3.54$1.99
2014Detailed filing. Detailed filing data is available for this year.$2.80$0.14$2.66$3.11$2.26$0.84
2013Detailed filing. Detailed filing data is available for this year.$2.00$0.19$1.81$2.39$1.66$0.72
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.79$0.70$1.09$2.26
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.13$0.83$2.30$1.15